Alphabet shares rose on Wednesday, after the company posted its first-quarter results that exceeded analysts’ expectations.
On Tuesday, Alphabet’s earnings for the quarter came in at $26.29 a share, well above the $15.81 a share expected by analysts polled by FactSet. Earnings were $9.87 a share in the year-ago quarter.
Revenue rose to $55.31 billion, up from $44.16 billion a year ago.
The company’s Google Cloud revenue for the quarter grew +46% year-over-year to $4.05 billion vs. $4.07 billion expected by analysts polled by FactSet. YouTube ads generated $6.01 billion vs. $5.70 billion, according to StreetAccount.
According to a filing Tuesday, Alphabet’s board approved an additional stock repurchase of up to $50 billion on April 23.